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AUDUSD Bear Bias into Governor Stevens Speech

Technical Analysis

Video Analysis

On Wednesday 10th June the Reserve Bank of Australia Governor, Glenn Stevens will deliver a speech. This will likely be much watched after the neutral guidance given in the RBA statement after the June RBA meeting.

AUDUSD Negative Chart Outlook Intact

Despite a bounce effort Tuesday, the .7727 spike high is intact to leave a negative bias through midweek.

The push down close to .7595 last week negated the positive recovery tone from the rebound effort (post RBA) and has re-energized immediate bear pressures for June.

For Today:

  • We see a downside bias through .7642 for .7595 and maybe .7553/33.
  • But above .7727 opens risk up to .7763, which we would look to cap

Short/ Intermediate-term Outlook – Downside Risks:

  • We see a negative tone with the bearish threat through .7595 to .7533.
  • Below here targets .7500, .7269 and .7094.

What Changes This? Above .7840 eases bear risks; through .7932 signals a neutral tone, only shifting positive above .8164.

Momentum: The 8-day RSI, short-term momentum is falling and has scope to go still lower this week.

Risk Statement: Trading Foreign Exchange on margin carries a high level of risk and may not be suitable for all investors. The possibility exists that you could lose more than your initial deposit. The high degree of leverage can work against you as well as for you.


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